Lee Enterprises raises $50M at $3.25/share; CEO Mowbray to retire; credit rate cut from 9% to 5%

LEE ENTERPRISES, Inc

Private placement of 15.38M shares at $3.25, anchored by David Hoffmann with ~$35M commitment; top existing investors cover remaining ~$15M.
CEO Kevin Mowbray to retire effective at closing; COO Nathan Bekke to serve as Interim CEO; board initiated permanent CEO search.
Credit agreement amendment reduces interest on ~$455.5M term loan from 9% to 5% for 5 years, expected annual savings of ~$18M.
David Hoffmann expected to become Chair of the Board after closing; board increases from 9 to 10 members.
Special meeting sought for stockholder approval; closing expected Q1 2026; lock-up 180 days, standstill 12 months.

item 1.01 item 3.02 item 5.02 item 7.01 item 9.01

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accession 0001213900-25-126353

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